Hot Times for DC Penthouses in August!

The heat was on in the DC luxury penthouse and condo market throughout August in all the best neighborhoods. Obviously, committed buyers and sellers did not take a vacation from luxury living this summer.

Where Were The Most Units Sold? On Both Sides Of The Potomac — At All Price Levels!

Turnberry Towers
Rosslyn

Rosslyn’s stellar Turnberry Tower led the way with five units sold and also soared with the highest sale price! The Flats at Union Row, the much sought-after address in the U Street Corridor area of DC, placed second in sales and shared second place with The Lafayette in Penn Quarter.  Placing third were The Atrium in Rosslyn and Mount Vernon Triangle’s Ten Ten Mass (see it in The It Buildings), proving that demand is running high throughout the Washington DC luxury condominium market.

 

 

  Most Units Sold — August 2012    

  5

Turnberry Tower

 4

 The Flats at Union Row

 4

The Lafayette

 3

The Atrium

 3

Ten Ten Mass

 

 

 

 

 

 

 

Which Addresses Commanded The Highest Sales Prices In DC?

Somerset House in Friendship Heights

As I mentioned above, a penthouse just over the bridge from Georgetown in Turnberry Tower attracted the winning offer of $2,300,000 for a breath-taking 2,655 sq. ft. penthouse with private elevator. Meanwhile, Friendship Heights’ Somerset House drew second place among luxury sales with $1,430,000 for a 2,776 sq. ft. property, followed by Washington Harbour in Georgetown where new owners sailed into a sunny 2,249 sq. ft. penthouse with a 1,000 sq. ft. terrace overlooking the Potomac for $1,330,000!

 

  Highest Sales Prices — August 2012   

$2,300,000

Turnberry Tower

$1,430,000

Somerset House

$1,330,000

Washington Harbour

$975,000

St. Nicholas

$872,500

The Atrium

 

 

 

 

 

 

 

Once Again, Well-Priced Properties Sell For More Than Asking Price!

Solo Piazza in Logan Circle

Solo Piazza, that sexy Italian-inspired building in bustling Logan Circle, led the way when a luxury condo sold for 105.26% above list price. One of four properties sold in The Flats at Union Row in U-Street closed at 102.67% over list, closely followed by City Vista with a condo sold at 102.42% above the asking price. My recommendation to sellers is to price your property wisely and prepare for a pleasant surprise.

 

 

  Highest List To Sales Ratio — August 2012   

105.26%

Solo Piazza

102.67%

The Flats at Union Row

102.42%

City Vista

101.20%

The Lafayette

100.14%

The Lofts at Adams Morgan

 

How Do You Measure Value? Try Price Per Square Foot!

Turnberry Tower in Rosslyn

That $2,300,000 penthouse in Rosslyn’s Turnberry Tower equated to a price per sq. ft. of $866 – that’s for a property at the top of the market. Meanwhile, over on Pennsylvania Avenue in Penn Quarter, a condo in The Residences at Market Square sold for $710 per sq. ft. and a residence in the Kalorama’s venerable St. Nicholas commanded $686 per sq. ft.! All of these value indicators are proof of a strengthening market throughout the Capital Region.

 

 

  Highest $ Per Sq. Ft.— August 2012   

  $866

Turnberry Tower

$710

  The Residences at Market Square

$686

St. Nicholas

$627

The Flats at Union Row

$624

Solo Piazza

 

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